Single premium annuities are a good choice for converting lump sums of money, such as insurance proceeds or a retirement package payout into income. American National immediate fixed annuities can provide a steady stream of income payments to help meet your needs, and you can choose a payment schedule that works best for you.
Tax advantaged income – Spreading taxable income over a number of years through an immediate annuity may help you better manage your tax liability.
Predictable income payment options – You have the ability to choose how long and how often you receive your income. Some options ensure income continues over the life of the policyholder(s).
Access to annuity value – there are several options that allow access to the accumulated annuity value, including partial withdrawals and conversion to income payment options. Withdrawals may be subject to taxes and surrender charges.
Locate an annuity contract
Sometimes annuity contract policyholders forget to tell beneficiaries about their policies. If you think you are a named beneficiary on a deceased loved one’s annuity contract, the National Association of Insurance Commissioners (NAIC) can help. Use the NAIC life insurance policy locator to start the process.
Once requested, the NAIC will:
· Ask participating companies to search their records
· Ask those companies to reach out to you. But, you must be the designated beneficiary or authorized to receive information.
Visit the NAIC’s list of Frequently Asked Questions if you have any other questions.